FRIDAY, MAY 1, 1992
AT PRESENT, IF THE BENEFICIARIES FOR RETIREMENT SCHEME PAYMENT AND LONG SERVICE PAYMENT OF A DECEASED EMPLOYEE ARE NOT THE SAME PERSON, THE EMPLOYER MAY HAVE TO PAY DOUBLE BENEFITS.
"THE BILL NOW PROVIDES THAT WHERE THERE ARE DIFFERENT BENEFICIARIES FOR THE TWO PAYMENTS, THE NOMINATED BENEFICIARY FOR RETIREMENT SCHEME PAYMENT WILL BE ENTITLED ΤΟ ONLY THE AMOUNT IN EXCESS OF ANY LONG SERVICE PAYMENT PAYABLE,' HE NOTED.
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"HENCE, THE BENEFICIARY MUST RETURN ANY RETIREMENT SCHEME PAYMENT HE HAS RECEIVED, OTHER THAN ANY SUCH EXCESS, ΤΟ THE TRUSTEE OF THE SCHEME WHO WILL THEN PAY IT BACK TO THE EMPLOYER, HE ADDED.
"
TO AVOID DELAY BY EMPLOYERS IN MAKING SEVERANCE PAYMENT TO AN EMPLOYEE AFTER THE LABOUR TRIBUNAL HAS ORDERED SUCH PAYMENT ΤΟ BE MADE, THE BILL SEEKS TO REQUIRE THE TRIBUNAL TO ORDER A TIME LIMIT FOR SUCH PAYMENT.
IT ALSO PROVIDES THAT WHERE NO SUCH TIME LIMIT IS ORDERED, THE PAYMENT MUST BE MADE WITHIN 14 DAYS FROM THE DATE OF THE RULING ON PAYMENT.
ADB HK$500 MILLION BOND ISSUE SIGNED IN HONG KONG
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AN AGREEMENT RELATING TO THE ASIAN DEVELOPMENT BANK'S (ADB) HK$500 MILLION BOND ISSUE WAS SIGNED BY THE ADB AND A SYNDICATE OF REGIONAL BANKS AND FINANCIAL INSTITUTIONS IN HONG KONG TODAY.
THE AGREEMENT WAS SIGNED ON BEHALF OF THE BANK BY ADB PRESIDENT, KIMIMASA TARUMIZU.
THE BOND ISSUE WAS BROUGHT TO MARKET BY A LEAD-MANAGEMENT GROUP CONSISTING OF WARDLEY LIMITED AND CHINA DEVELOPMENT FINANCE CO. (HK) LTD (CDFC) AS JOINT LEAD MANAGERS TOGETHER WITH FIVE CO-LEAD MANAGERS
ANZ MCCAUGHAN, BOT INT'L. (HK) LTD, IBJ ASIA LTD, MANUFACTURERS HANOVER ASIA AND OAKREED FINANCIAL SERVICES LIMITED.
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FOLLOWING THE SUCCESS OF THE ADB'S US$ "DRAGON BOND" ISSUE LAST NOVEMBER, THE HK$ BOND ISSUE UNDERSCORES ADB'S COMMITMENT TO THE DEVELOPMENT OF REGIONAL CAPITAL MARKETS.
GIVEN ADB'S TRIPLE-A STATUS, THE FIXED-RATE 8.9 PER CENT SEVEN- YEAR HK$ BOND ISSUE AIMS TO ESTABLISH AN IMPORTANT LONG-TERM BENCHMARK IN THE HONG KONG DOLLAR BOND MARKET.
THE PROCEEDS OF THE ISSUE HAVE BEEN SWAPPED INTO JAPANESE UNDER A RELATED CURRENCY LIABILITY SWAP TRANSACTION WITH THE TRANSIT RAILWAY CORPORATION OF HONG KONG. THIS IS THE ADB'S HONG KONG DOLLAR PUBLIC BOND ISSUE.
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